Complete knobgobbling stupidity on display here.
One of America’s biggest healthcare providers, McKesson, gave its chief executive, John Hammergren, a 190% pay rise last year to $150m.
Welcome to the new NHS.
Welcome to the corruption at the core of modern capitalism.
Err, no. We do get that statement in The Guardian, true.
One of America\’s biggest healthcare providers, McKesson, gave its chief executive, John Hammergren, a 190% pay rise last year to $150m.
But then everyone knows that we shouldn\’t believe numbers that we see in The Guardian.
It\’s not difficult to find out what CEOs in America are paid. Here for example.
His pay, as pay, was $1,664,615 last year. A healthy sum to be sure, but some $148,400,000 or so short of the sum alleged.
We can also see that there is a $150 million number there on his pay page. That\’s the entire value of his stock options over the period.
That period, I assume, being since he took over as CEO back in 2000. From the low point of $15 the share price has risen to $84. Note that that low point was just about when he did take over. Current market cap is $21 billion, meaning that he\’s, well, OK, perhaps he hasn\’t produced, but his term as CEO is at least correlated with, a rise of $15 billion in value to shareholders.
Which is pretty good really. And he\’s got 1% of the value created for shareholders on his watch.
This is what we want to happen isn\’t it? That shareholders pass on to the workers some of the surplus value extracted from them?
The original allegation comes from Phillip Inman the \”economics correspondent\” for the Observer and Guardian. Wouldn\’t it be nice if someone in such a position were able to distinguish between \”pay\” and \”options\”? Further, between \”pay rise this year\” and \”earnings over more than a decade\”?
And wouldn\’t it be even more interesting if one of the country\’s leading accountants, leading tax experts, were actually able to read a pay report?
And just to put the icing on the top of the cherry of the cake sitting atop the entire ice cream sundae, do you know what it is that McKesson does?
It\’s not a healthcare provider that\’s for sure. It\’s a pharmaceutical wholesaler and distributor. You know, a competitor in a market which in the UK is already entirely private sector? Its other division provides computers and software to the medical industry. And believe me, it would be cheap at the price to pay someone $150 million to provide something that worked, rather than this £12 billion and rising we\’ve pissed away on Connecting for Health.
So, not a healthcare provider, not a 190% pay rise and absolutely sweet fuck all to do with any changes proposed for the NHS.
Well done lads, you can be proud of your research skills here. Took me all of 15 minutes to work this out.